SOFTWARE ASSOCIATESIncone StatementFor the year ended Decenber 31, 2021Net sales$604,000ExpensestCost of goods soldOperating expensesDepreciation expenseIncome tax expenseTotal expenses$364,000114,00031,40041,000550,400Net incone$ 53,600SOFTWARE ASSOCIATESSelected Balance Sheet DataDecrease in accounts receivableDecrease in inventoryIncrease in prepaid rentDecrease in nalarie payableIncrease in accounts payableIncrease in income tax payableDecember 31, 2021, compared to December 31, 2020$ 8,40011,4001,4002,4005,4006, 400Required:Prepare the operating activities section of the statement of cash flows for Software Associates using the directmethod. (List cash outflows as negative amounts.)SOFTWARE ASSOCIATESStatement of Cash Flow (Partial)For the Year Ended December 31, 2021Cash Flows from Operating Activities:

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SOFTKARE ASSOCIATES Incone Statenent FOr the year ended Decenber 31, 2021 Net sales 5604,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $364,000 114,000 31,400 41,000 550,400 Net incone $ 53,600 SOFTWARE ASSOCIATES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in salaries payable Increase in accounts payable Increase in income tax payable $ 8,400 11,400 1,400 2,400 5,400 6,400 Required: Prepare the operating activities section of the statement of cash flows for Software Associates using the direct method. (List cash outflows as negative amounts.)

SOFTKARE ASSOCIATES Incone Statenent FOr the year ended Decenber 31, 2021 Net sales 5604,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $364,000 114,000 31,400 41,000 550,400 Net incone $ 53,600 SOFTWARE ASSOCIATES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in salaries payable Increase in accounts payable Increase in income tax payable $ 8,400 11,400 1,400 2,400 5,400 6,400 Required: Prepare the operating activities section of the statement of cash flows for Software Associates using the direct method. (List cash outflows as negative amounts.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following statement of financial position and statement of comprehensive income Blue Bird, Inc. 2018 Statement of comprehensive income Net Sales Less: Cost of Goods Sold Less: Depreciation Earnings Before Interest and Taxes Less: Interest Paid Taxable Income Less: Taxes Net Income Blue Bird, Inc. Statement of financial position Years ended 2017 and 2018 $12,630 8,240 1,010 3,380 750 $2,630 920 $1,710 Cash Accounts rec. Inventory Total 2017 2018 $640 $590 1,200 1,390 2,300 2,470 $4,140 $4,450 Net fixed assets 4,640 5,200 Total assets $8,780 $9,650 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings 2017 2018 2,500 2,800 4,000 4,500 1,040 1,690 $8,780 $9,650 Blue Bird, Inc. has 1,500 shares of stock outstanding. The price-earnings ratio for 2018 is 21. What is the market price per share of stock?
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 23,800 $ 18,600 Sales returns and allowances 1,000 100 Net sales $ 22,800 $ 18,500 Cost of merchandise (goods) sold 10,800 7,200 Gross profit $ 12,000 $ 11,300 Operating expenses: Depreciation $ 1,180 $ 840 Selling and administrative 5,800 4,400 Research 1,030 740 Miscellaneous 840 540 Total operating expenses $ 8,850 $ 6,520 Income before interest and taxes $ 3,150 $ 4,780 Interest expense 1,040 740 Income before taxes $ 2,110 $ 4,040 Provision for taxes 844 1,616 Net income $ 1,266 $ 2,424 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $…
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MOSS COMPANY Selected Balance Sheet Information 2020 At December 31 Current assets Cash Accounts receivable. Inventory Current liabilities. Accounts payable Income taxes payable $ 84,650 25,000 60,000 Sales Cost of goods sold Gross profit 30,400 2,050 2019 $26,800 32,000 54,100 MOSS COMPANY Income Statement For Year Ended December 31, 2020 25,700 2,200 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 22,800 $ 17,850 Sales returns and allowances 900 100 Net sales $ 21,900 $ 17,750 Cost of merchandise (goods) sold 11,050 7,700 Gross profit $ 10,850 $ 10,050 Operating expenses: Depreciation $ 1,080 $ 790 Selling and administrative 5,050 3,900 Research 930 690 Miscellaneous 740 490 Total operating expenses $ 7,800 $ 5,870 Income before interest and taxes $ 3,050 $ 4,180 Interest expense 940 690 Income before taxes $ 2,110 $ 3,490 Provision for taxes 844 1,396 Net income $ 1,266 $ 2,094 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,800…
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